February 15th, 2023
Something I’m Reading
I just started reading “The Founder and the Force Multiplier” by Adam Hergenrother. It’s a great book that is very tactical on how to work with an executive assistant. Must read for anyone working with an assistant or hoping to hire one down the road.
Something I Teach
10 Tips for Finding Off-Market Properties:
Network, network, network! One of the best ways to find off-market properties is to network with other real estate investors, agents, and professionals. Attend local real estate meetups and networking events, join online real estate communities, and get involved in the industry.
Use direct mail campaigns. Direct mail is a tried-and-true method for finding off market properties. Create a targeted mailing list of potential sellers and send them a personalized letter or postcard. Make sure to follow up with them after a few days.
Drive for dollars. Get in your car and drive around your target neighborhoods, looking for distressed or vacant properties. Take note of the addresses and do some research to find the owners. Contact them and see if they're interested in selling.
Use online real estate marketplaces. Sites like Zillow, Redfin, and Realtor.com are great places to find on-market properties, but they also have off market listings. Use the advanced search options to filter for off-market listings.
Reach out to absentee owners. Look for properties that are owned by people who don't live in the area. Reach out to them and see if they're interested in selling. Absentee owners are often more motivated to sell than local owners.
Attend foreclosure auctions. Foreclosure auctions can be a great place to find off market properties. Do your research and come prepared to bid.
Use social media. Social media is a powerful tool for finding off market properties. Join local Facebook groups and connect with other investors and agents on LinkedIn. You never know who might have a lead for you.
Talk to property managers. Property managers are a great source of off market properties. They often know of properties that are not currently on the market, and they may be able to connect you with the owners.
Cold call or door-knock. This one can be intimidating, but it can be effective. Find a target neighborhood and start knocking on doors or making phone calls. Introduce yourself and ask if the homeowner is interested in selling.
Hire a bird dog. A bird dog is someone who searches for off market properties on your behalf. They get paid a fee for each lead they provide. Find a reputable bird dog and give them your criteria.
Something I Photographed
Signing docs for the refinance of one of my Short Term Rentals (it was a BRRRR)! Adjustable rate but locked for the first 10 years at 5.6%. It’s not the good ‘ol 3% days anymore, but there is no prepayment penalty, so I can refi if rates drop. Besides, this one short term rental should cash flow $5,000+ each month after this refi.
Something I’m Excited About
Fund 8 at Open Door Capital is now open for investment! It is a mobile home community fund, generational wealth opportunity, recession resistant asset class, and offers great tax advantages to investors so win-win across the board :)
It is already 50% full from our existing investors and it’s expected to be fully subscribed ASAP so, if you’re interested in investing, learn more here.
Something I Can Answer
Every week, I answer one question asked by a BTB subscriber. Have a question you want me to answer? Reply to this text with your question!
Question: “I have capital to buy real estate but don’t have the deal flow and am busy with my W2. Do you have any tips to build systems and habits to prioritize real estate while working a W2?”
The key to moving forward on your real estate goals while working a full-time job is simple: keep moving forward. Every single day, take just one or two “five minute actions” toward landing a deal. For example, today: post on “The BetterLife Tribe Community chat room” that you’re looking for rental markets that make sense financially for cash flow. Total time: 1 minute.
Tomorrow: Ask 3 investors who buy in that market who they’d recommend for a real estate agent. You can find those investors for free on BiggerPockets. Total time: 4 minutes.
The Next Day: Send email to the agents that were referred, introducing yourself and asking a bit about them. Time: 5 minutes.
See what I mean? Every day, move one step closer, via 5-minute-or-less tasks. Six months from now, you’ll be watching your bank account increase with passive income!
Your Friend,
P.S. Comment below and let me know your thoughts on this week’s BTB! Please be friendly :)